Indian Hotels Company (IHCL), which owns the Taj brand, stated on Wednesday it would sell stake in its wholly-owned subsidiary, Roots Corporation. The latter operates Ginger, the budget hotel brand.
Omega TC Holdings Pte, a private company incorporated in Singapore, will buy the stake for Rs 150 crore, in stages. The size of the stake was not disclosed. Omega will also be acquiring compulsorily convertible shares from some existing shareholders for an aggregate consideration of Rs 70 crore.
IHCL did not say how it intends to use the capital.